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09 Sep 2020

Oriental Health Insurance Review

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The Oriental Insurance Company Ltd: Background and Overview-

The Oriental Insurance Company Ltd is an Indian public sector general insurance company, incorporated in 1947. It has its headquarters in New Delhi and is a wholly-owned subsidiary of The Oriental Government Security Life Assurance Company Ltd. It has 31 regional offices and well over 1800 branches across India.

Oriental Insurance Company provides a wide range of insurance-related services, ranging from health insurance, motor insurance, personal accident insurance, fire insurance, and a whole lot more.
Given below are the elaborate list of various Insurance schemes offered-

The Oriental Insurance Company: Policies and schemes

Before dwelling into the various insurance policies and schemes offered by The Oriental Insurance Company, let us first understand what insurance is.
Insurance simply means transferring risks associated with financial losses to the insurer (insurance company) by an individual (insured). The insured individual pays a fixed sum of money regularly to the insurer, known as premium which the company pools from other insured individuals as well, which the company promises to pay as lump-sum compensation upon arrival of financial loss.
Nowadays, insurance does not only play a key role in compensation for financial losses but can also serve the purpose of an investment with a savings element attached to the same.

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The Oriental Insurance Company: Plans and Policies-

Oriental Insurance Co offers various schemes and policies for Indians Health Insurance, motor insurance, personal accident insurance, fire insurance, etc.
Their various health insurance policies offered are as follows:

  • CORONA KAVACH POLICY-ORIENTAL INSURANCE- This Policy covers Hospitalisation Expenses for In-Patient Care/ Home Care Treatment pertaining to Covid-19 during the Policy Period, AYUSH Treatment is also covered up to the insured sum, Pre Hospitalization and Post Hospitalisation expenses are covered for 15 days as well as 30 days.

  • CORONA RAKSHAK POLICY-ORIENTAL INSURANCE- This policy covers a lump-sum benefit equal to 100% of the Sum that has been insured, which is paid out in the case of a positive diagnosis of COVID, requiring hospitalization for at least a continuous period of 72 hours/3 days. The Waiting Period is 15 days from the commencement of the first policy, No deductibles are applicable in this product.

  • Arogya Sanjeevani Policy-Oriental- This is a box standard health insurance product, having common features that are required to be mandatorily offered by all health insurance companies, Amount covered available for sum insured bracket of starting from Rs.1 Lakh and going all the way up to Rs. 5 Lakhs, in the multiples of Rs. 50,000.

  • Oriental Super Health Top Up- This policy offers coverage ranging from Rs.3 Lakhs to Rs. 30 lakhs, Hospital admission of a minimum of 24 hours, policy meant for people between the ages of 18 to 65 years, Policy has a one year term and is thereafter renewable lifelong.

  • OBC 2017- Coverage for Hospital admission of minimum 24 hours, Related medical expenses incurred 30 days before hospitalization & 60 days from date of discharge, Maximum Entry Age is 79 years for all members.

  • PNB-ORIENTAL ROYAL MEDICLAIM - Coverage for Hospital admission of minimum 24 hours, Related medical expenses incurred 30 days before hospitalization & 60 days from date of discharge, Maximum Entry Age is 79 years for all members.

  • INDIVIDUAL MEDICLAIM POLICY- This is an insurance policy that operates on a 1-year term. The policy is meant for applicants falling between the age brackets of 18 years up to 65 years. Coverage is provided for any treatment done in India. Coverage ranges from Rs. 1L to Rs. 10L.

  • GROUP MEDICLAIM POLICY- The Group Mediclaim Policy will be available to any Group/Association/ Institution/ Corporate Body of more than 50 persons/families provided it has a central administration point, The policy reimburses reasonable, customary, and necessary expenses of Hospitalisation and/or Domiciliary Hospitalisation expenses.

  • HOPE POLICY (HEALTH OF PRIVILEGED ELDERS)- Senior Citizen Specified Disease Insurance, Exclusively designed for Citizens aged 60 years and above, Policy is available for Sum Insured 1 lakh, 2 lakhs, 3 lakhs, 4 lakhs, and 5 lakhs, Covers specified diseases only.

  • HAPPY FAMILY FLOATER POLICY- This policy can be opted by individuals over the age of 18 years for self or for any one or more of the family members, Sum Insured from Rs.2 lakhs to Rs.20 lakhs, minimum hospital admission of 24 hours.

  • OVERSEAS MEDICLAIM POLICY- Sum assured between Rs.50000 to Rs. 5 Lakh with pre-existing disease cover offered after a period of 4 years.

  • JAN AROGYA POLICY- Coverage of up to Rs.5000 per annum, Hospital admission of minimum 24 hours, Related medical expenses incurred 30 days, before hospitalization.

  • ORIENTAL HAPPY CASH- Daily cash benefit of Rs.500, Rs.1000, Rs.2000, and Rs.3000, entry age of up to 65 years.

Oriental Insurance Company Ltd offers a plethora of health-insurance related options, targeting various demographics of people and requirements like individuals, corporations, families, etc.
Despite offering numerous policies, a lot of people are still confused as to which policy suits them the best. This puts people in a dilemma and this is where North Loop comes into the picture.

North Loop offers insurance policies with low premiums but substantially high covers, with the entire sign up procedure available online. Health and life insurance policies are not limited to just Indian Residents, but also NRIs across various countries especially the UAE. Sign up and secure your future!

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.